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NEWS

Stakeholders Demand CBN Independence Under Cardoso

September 19, 2023 • 2 min read

Capital market operators have urged the newly-nominated Central Bank of Nigeria governor, Dr Olayemi Cardoso, to maintain the independence of the apex bank for the sake of the economy.

President Bola Tinubu on Friday nominated Cardoso as the new CBN governor for a term of five years at the first instance, pending his confirmation by the Senate.

In exclusive chats with The PUNCH, stakeholders in the capital market set an agenda for the nominated apex bank governor, who is also a Fellow of the Chartered Institute of Stockbrokers.

Chairman, the Association of Securities Dealing Houses of Nigeria, Sam Onukwue, hailed the Lagos-born Cardoso as a thoroughbred professional with the required experience to steer the ship of the CBN.

Onukwue said: “He is a thoroughbred professional with relevant cognate industry experience. With him and the minister of finance and coordinating minister of economy, we expect a healthy balance in the application of monetary and fiscal policies in the management of the nation’s economy.

“He must, however, strive to maintain the independence of the apex Bank without wavering for the bank to attain its goals during his tenure.”

Also, a professor of capital market at the Nasarawa State University, Uche Uwaleke, said the nomination sent the right signals to the financial market stakeholders.

He said: “It is a welcome development. Dr Cardoso is eminently qualified. The CBN is too sensitive an institution to allow a chief executive to function in an acting capacity for a long period. A substantive CBN Governor sends the right signals to financial markets.”

Also, Tinubu approved the nomination of four new deputy governors for the apex bank, for a term of five years at the first instance, pending their confirmation by the Senate.

They included Mrs. Emem Usoro, Mr. Muhammad Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.

CBN had been overseen by Folashodun Shonubi since June, following the suspension of the CBN governor, Godwin Emefiele, by the president.